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ID verification platform IDfy raises $27 Mn in primary and secondary

EntrackrEntrackr · 1y ago
ID verification platform IDfy raises $27 Mn in primary and secondary
Medial

Identity verification startup IDfy has raised $27 million in a mix of primary and secondary fundraise from Elev8, KB Investment, and Tenacity Ventures. In October 2021, the Mumbai-based startup had raised $11.5 million in its Series D round led by TransUnion and Blume Ventures. With this fresh fundraise, IDfy further strengthens its position as Asia’s leading integrated identity platform and is poised for further expansion across the continent, the company said in a press release. Founded by Ashok Hariharan, Vineet Jawa and Hatim Baheranwala, IDfy builds technology products and solutions that accurately authenticate entities. This helps businesses prevent fraud and engage with verified entities with the least amount of friction. Its AI-based platform is used by organizations to streamline and automate their KYC, employee and merchant onboarding. IDfy claims to serve over 1,500 clients across diverse sectors like BFSI, FMCG, e-commerce, gaming, sharing economy, and conglomerates. Its clients and partners are spread across India, South East Asia, and the Middle East. The list includes the likes of Amazon, Airbnb, HDFC Bank, Dream11, and VISA. The firm also said that it has impacted over 150 million lives and runs over 60 million verifications every month. IDfy registered Rs 108 crore in revenue from operations in FY23 against Rs 56 crore in FY22, according to startup data intelligence platform TheKredible. The company also turned profitable in FY23 with Rs 4 crore profit compared to Rs 18 crore loss in FY22. IDfy competes with SpringVerify, AuthBridge, Digio and Perfios-owned Karza.

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IDfy raises $53 Mn led by Neo Secondaries Fund

EntrackrEntrackr · 8d ago
IDfy raises $53 Mn led by Neo Secondaries Fund
Medial

IDfy raises $53 Mn led by Neo Secondaries Fund Trust and regtech platform IDfy has raised Rs 476 crore (around $53 million) in a Series F funding round comprising both primary and secondary transactions. The round was led by Neo Asset Management through its Neo Secondaries Fund, with participation from existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital. The proceeds from the primary capital will be used for strategic acquisitions, expansion into new international markets, and further development of its product offerings. The secondary portion of the round will provide liquidity to early investors and employees. Founded in 2011, IDfy offers an integrated TrustStack platform covering digital onboarding, risk mitigation, fraud detection, and privacy governance. The company serves over 500 enterprise clients across more than 10 sectors and conducts over 500 million verification checks annually. IDfy has operations across seven countries, including India, Southeast Asia, and the Middle East. The funding comes amid increasing demand for identity verification, fraud detection, and privacy compliance solutions globally, driven by rising digital transactions and evolving regulatory requirements. In India, the rollout of the Digital Personal Data Protection (DPDP) Act and higher budgetary allocation for digital infrastructure have contributed to the growth of the regtech ecosystem. According to Entrackr, IDfy has raised over $120 million to date, including a $27 million round comprising primary and secondary transactions from Elev8, KB Investment, and Tenacity. On the financial front, IDfy reported operating revenue of Rs 186 crore in FY25, compared to Rs 145 crore in FY24. The company also reported a net profit of Rs 1.6 crore during the year, compared to a loss in the previous fiscal year.

Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management

EntrackrEntrackr · 9d ago
Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management
Medial

Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management Identity verification startup IDfy is raising Rs 220 crore (around $25 million) in a fresh funding round led by Neo Asset Management, with participation from existing investors Emerald, Elev8, and others. The board at IDfy passed a special resolution to issue 24,39,850 Series F compulsorily convertible preference shares at an issue price of Rs 901.7 each to raise Rs 220 crore, filings with the Registrar of Companies show. Neo Asset Management, through its funds, will lead the round with an investment of Rs 189 crore. Blume Ventures will invest Rs 4.45 crore, Emerald Lush Rs 11 crore, and Elev8 Rs 5 crore. IndiaMart and Kael will contribute the remaining amount. The company plans to deploy the fresh proceeds towards growth initiatives and strengthening its balance sheet. As per Fintrackr’s estimates, IDfy’s post-money valuation stands at around Rs 2,420 crore ($272 million). Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy develops technology-driven products and solutions that authenticate individuals and businesses. Its platform enables enterprises to prevent fraud and onboard verified entities with minimal friction. The Mumbai-based company claims to serve over 1,500 clients across sectors such as BFSI, FMCG, e-commerce, gaming, sharing economy, and large conglomerates. It operates across India, SEA, and the Middle East. According to startup data intelligence platform TheKredible, IDfy has raised over $70 million to date, including a $27 million round comprising primary and secondary transactions from Elev8, KB Investment, and Tenacity. During FY25, the company’s revenue grew 28.3% year-on-year to Rs 186 crore from Rs 145 crore in FY24. It also turned profitable during the year, reporting a net profit of Rs 1.6 crore.

Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability

EntrackrEntrackr · 7m ago
Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability
Medial

Exclusive All Stories Exclusive: IDfy posts Rs 188 Cr revenue in FY25 while maintaining profitability According to the startup data intelligence platform TheKredibe, Blume Ventures is the largest external stakeholder with 20.53% followed by Trans Union International, which owns 7.1% of the company. Kunal Manchanada 19 Jul 2025 11:44 IST Identity verification startup IDfy has maintained its growth momentum, achieving 30% year-over-year growth during the previous fiscal year, which ended in March 2025. At the same time, the company is back to profitability, according to two sources and documents reviewed by Entrackr. IDfy’s revenue from operations increased to Rs 188.5 crore in FY25 from Rs 145 crore in FY24, as per the documents. Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy builds technology products that help businesses authenticate individuals and entities with minimal friction. The professional fees collected from the clients for providing services are the primary revenue stream for the company. The Mumbai-based company claims to serve over 1,500 clients across various sectors, including BFSI, FMCG, e-commerce, gaming, the sharing economy, and large conglomerates. According to IDfy, it has impacted more than 150 million lives and processes over 60 million verifications every month. IDfy’s decent revenue growth, coupled with controlled costs, helped the company post a notable profit of Rs 7.8 crore in FY25. In comparison, the company had reported a loss of Rs 8.8 crore in FY24. Responding to Entrackr's queries, an IDfy spokesperson said, "Since the numbers are unaudited we cannot comment on or respond to this." IDfy has raised over $50 million in total funding so far, including a $27 million round comprising both primary and secondary components from Elev8, KB Investment, and Tenacity Ventures in March last year. According to the startup data intelligence platform TheKredibe, Blume Ventures is the largest external stakeholder with 20.53% followed by Trans Union International, which owns 7.1% of the company. IDfy competes with several players in the identity verification and fraud prevention space, including Delhi-based AuthBridge, which raised $7 million from Phi Capital; Groww-backed Digio, Karza, owned by Perfios; SpringVerify, and a few others. With digital onboarding and compliance becoming essential across sectors, the identity verification and fraud prevention space is expanding rapidly. IDfy, with revenue nearing Rs 190 crore in FY25 and continued profitability, is emerging as a key player driving this momentum. Backed by strong growth and deep-tech capabilities, the company has marked a solid position for itself. Let’s see where it goes from here.

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